Wrapped Bitcoin Reaches a Record $616M

October 6, 2020

Digital Currency

According to the transaction data analyzed by CoinDesk, bitcoin reached a record of $616M worth of tokenized bitcoins in September, more than 160% increment over the $232M minted in August.

As per the Chicago-based firm Grapefruit Exchanging firm, one of the first OTC desks to mint wrapped bitcoin through BitGo. However, record mining comes as powerful over-the-counter demand for WBTC continues in trend.

Getty Hill, the broker at Grapefruit, disclosed to CoinDesk their customers’ enthusiasm for changing from BTC to WBTC ponders market members underwriting the developing number of chances for utilizing pseudo-BTC in the developing decentralized finance (DeFi) biological system. 


At FTX, CEO Sam Bankman-Fried disclosed to CoinDesk OTC interest for WBTC is additionally huge, regardless of whether it’s not at a similar level as during the stature of the DeFi fever in the course of recent months. 


Alameda Research has been the main wrapped bitcoin vendor for as long as two months due to over-the-counter interest at its sister organization, FTX. In August, Alameda printed $160 million worth of WBTC followed by $306 million stamped in September. 


September’s development likewise profited by the action of some enormous vendors who printed no WBTC the prior month. 


Past WBTC, the flexibly of all types of tokenized bitcoins became 120% in September, as indicated by information from Dune Analytics, to more than 121,000 BTC, up from almost 55,000 BTC in August, as development among littler BTC tokenization ventures proceeds.


Users have inquired about TBTC, renBTC, and many others, Hill told. Though, the volume has been totally in wrapped bitcoin. Bankman-Fried told CoinDesk, wrapped bitcoin represents nearly 73% of the tokenized BTC market and undoubtedly the huge majority of OTC users want wrapped bitcoin. However, some OTC desks like FTX provide alternate tokenized BTC such as renBTC, including WBTC.

Image Courtesy : Pixabay

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